Entity Registrant Name | HESS CORP |
CIK | 0000004447 |
Accession number | 0001193125-14-077565 |
Link to XBRL instance | http://www.sec.gov/Archives/edgar/data/4447/000119312514077565/hes-20131231.xml |
Fiscal year end | --12-31 |
Fiscal year focus | 2013 |
Fiscal period focus | FY |
Current balance sheet date | 2013-12-31 |
Current year-to-date income statement start date | 2013-01-01 |
Commentary | Did not investigate. |
Level 1 (Note level) Text Block concept | us-gaap:DebtDisclosureTextBlock |
Long-term debt at December 31 consisted of the following:
The Corporation has a $4 billion syndicated revolving credit facility that is unused at December 31, 2013 and matures in April 2016. This facility can be used for borrowings and letters of credit. Borrowings on the facility bear interest at 1.25% above the London Interbank Offered Rate. A fee of 0.25% per annum is also payable on the amount of the facility. The interest rate and facility fee are subject to adjustment if the Corporation’s credit rating changes. The Corporation also had a 364-day asset-backed credit facility which was terminated in September 2013.
During 2013, the Corporation repaid a net amount of $2,348 million under available credit facilities, which consisted of $758 million from its syndicated revolving credit facility, $990 million from the Corporation’s short-term credit facilities and $600 million from its asset-backed credit facility. The Corporation recorded capital lease obligations totaling $98 million in conjunction with its commitment to acquire 50 existing Hess retail gasoline stations that were previously held under operating leases. The Corporation repaid $136 million of other debt in 2013. At December 31, 2013, the Corporation’s fixed-rate public notes have a principal amount of $5,300 million ($5,275 million net of unamortized discount). Interest rates on the outstanding fixed-rate public notes have a weighted average rate of 6.9%. During 2013, the Corporation recorded a net increase of $116 million in debt related to progress on construction of a leased floating production system to be used at the Tubular Bells project. The aggregate long-term debt maturing during the next five years is as follows (in millions): 2014 — $378; 2015 — $74; 2016 — $78; 2017 — $89 and 2018 — $58. The Corporation’s long-term debt agreements, including the revolving credit facility, contain financial covenants that restrict the amount of total borrowings and secured debt. At December 31, 2013, the Corporation is permitted to borrow up to an additional $35.5 billion for the construction or acquisition of assets. The Corporation has the ability to borrow up to an additional $5.9 billion of secured debt at December 31, 2013. Outstanding letters of credit at December 31 were as follows:
Of the $410 million of letters of credit outstanding at December 31, 2013, $117 million relates to contingent liabilities and the remaining $293 million relates to liabilities recorded in the Consolidated Balance Sheet. The total amount of interest paid (net of amounts capitalized) was $408 million, $419 million and $383 million in 2013, 2012 and 2011, respectively. The Corporation capitalized interest of $60 million, $28 million and $13 million in 2013, 2012 and 2011, respectively. |
Level 4 (Note level) Text Block concept - Maturities of Long Term Debt | NOT FOUND |
NOT FOUND |
Level 4 (Note level) Text Block concept - Debt Instruments | us-gaap:ScheduleOfDebtInstrumentsTextBlock |
Long-term debt at December 31 consisted of the following:
|
Level 4 Details Key Concepts: Long-term Debt Maturities
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Year 1 (Current portion) | 378,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths |
Year 2 | 74,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
Year 3 | 78,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
Year 4 | 89,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour |
Year 5 | 58,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive |
Thereafter | 0 | |
Total Long-term Debt | 5,798,000,000 | us-gaap:LongTermDebt |
CHECK | 5,121,000,000 |
(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability
Description | Fact value | US GAAP XBRL Concept |
---|---|---|
Current portion | 378,000,000 | us-gaap:DebtCurrent |
Noncurrent portion | 5,420,000,000 | us-gaap:LongTermDebtAndCapitalLeaseObligations |
Total Long-Term Debt | 5,798,000,000 | us-gaap:LongTermDebt |
CHECK | 0 |
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